I'm LongbridgeAI, I can summarize articles.Taiwan Power Co (Taipower, 台電) posted a record profit last year, with a net profit of NT$72.9 billion (US$2.32 billion), the state-owned utility said on Tuesday.
Last year’s profit surpassed the previous record of NT$61.7 billion set in 2015 and marked a reversal from a net loss of NT$41.1 billion in 2024, ending a three-year losing streak.
Despite the turnaround, Taipower said its accumulated losses still stood at around NT$350 billion.
About NT$14 billion of last year’s profit came from non-core businesses, including improved property use and investment income, while earnings from power generation totaled nearly NT$60 billion after electricity rates were raised last year, Taipower said.
The state utility said it has absorbed much of the impact of rising fuel costs in recent years, driven by geopolitical tensions including the Russia-Ukraine war, which pushed accumulated losses to more than NT$420 billion. Last year’s profit would be used to reduce those losses, it said.
Household electricity rates increased by an average of 3.12 percent per kilowatt-hour from October last year, while industrial rates remained unchanged, in a move aimed at easing the company’s financial pressure, Taipower said.
The utility added that it received NT$50 billion in government subsidies in 2023, followed by another NT $250 billion in 2023-2024, with the funds used to diversify power sources and strengthen grid resilience.
Taipower said it would continue streamlining fuel procurement and optimizing asset use while maintaining stable domestic power supplies.
Taiwan’s average household electricity rate of NT$2.89 per kilowatt-hour remains well below those of Japan and South Korea, while industrial rates are also comparatively low, Taipower said, adding that local power tariffs remain competitive.